0916
.~ ~
ORDINANCE NO. ] 1 6
AN ORDINANCE APPROVING THE ISSUANCE OF
HOSPITAL REVENUE REFUNDING BONDS; APPROVING
A TRUST INDENTURE; DECLARING AN EMERGENCY;
AND FOR OTHER PURPOSES
WHEREAS, the City of Jacksonville, Arkansas (the
"Ci ty") issued i ts Refunding and Construction Hospi tal Revenue
Bonds, Series 1980, dated October 1, 1980, in the original
principal amount of $9,100,000 (the "Outstanding Bonds") for the
purpose of financing the acquisition, construction and equipping
of an expansion to the Ci ty' s general, acute care hospi tal,
Rebasamen Regional Medical Center (the "Hospital") and refunding
various bonds outstanding at that time; and
WHEREAS, the Hospital Commission of the City has
determined that the Outstanding Bonds can be refunded, wi th
substantial savings in interest costs, by the issuance of
refunding bonds, as set forth herein (the "Refunding Bonds") i
and
WHEREAS, notice of the issuance of the Refunding Bonds
has been published, in a newspaper of general circulation in the
Ci ty, at least fourteen days prior to the date hereof, which
notice specified that:
(1) The purpose of the Refunding Bonds is to refund
the Outstanding Bonds (and thereby achieve savings in interest
cost) ;
(2) The principal amount of the Refunding Bonds will
be not greater than $10, 000, 000;
(3) The location of the Hospi tal is
1400 Braden
Jacksonville, Arkansas;
(4) the City is the owner of the Hospital; and
WHEREAS, pursuant to such notice, a public hearing was
conducted on the 28th day of November, 1989, at which hearing no
one appeared to obje~t to the issuance of the Refunding Bonds;
and
WHEREAS the Refunding Bonds will be special
obligations only and will not in any event constitute an
indebtedness for which the fai th and credi t of the Ci ty are
pledged; and
WHEREAS, copies of the Indenture, the Purchase
Agreement and the Preliminary Official Statement (all being
identified hereinbelow) have been presented to the Ci ty Council;
NOW, THEREFORE, be it ordained by the. City Council of
the City of Jacksonville, Arkansas:
Section 1. That, under the authori ty of the
Constitution and laws of the State of Arkansas, including
particularly Arkansas Code of 1987 Annotated, Title 14, Chapter
265 (the "Act") the issuance of the Refunding Bonds in the
aggregate principal amount of $8,120,000 is hereby authorized.
The Refunding Bonds shall be issued in the form and
denominations, shall be dated, shall be numbered, shall mature,
qo
shall bear interest at the rates, and shall be subject to
redemption prior to maturity all upon the terms and conditions
set forth in the Indenture and the Purchase Agreement.
Section 2. That the Refunding Bonds be sold pursuant
to the terms and conditions of a Bond Purchase Agreement, dated
November 28, 1989 (the "Purchase Agreement"), between the Ci ty
and Stephens, Inc. (the "Purchasers"), for the purchase price
and upon the terms and conditions set forth therein. The
Purchase Agreement is hereby approved in substantially the form
heretofore presented, and the Mayor is hereby authorized to
execute the Purchase Agreement on behalf of the City, with such
insubstanti al changes as he may approve.
Section 3. That to prescribe the terms and conditions
upon which the Bonds are to be executed, authenticated,
delivered, issued, accepted, held and secured, the Mayor is
hereby authorized and directed to execute and acknowledge the
Trust Indenture dated as of December 1, 1989 (the "Indenture"),
and the City Clerk is hereby authorized and directed to execute
and acknowledge the Indenture and to affix the seal of the City
thereto, and the Mayor is hereby authorized and directed to
cause the Indenture to be accepted, executed and acknowledged by
the Trustee therein. The Indenture is hereby approved in
substantially the form heretofore presented, and the Mayor is
hereby authorized to execute the Indenture on behalf of the
Ci ty, wi th such insubstantial changes as may be approved by him.
Section 4. That there is hereby authorized, ratified
and confirmed the preparation and distribution to various
prospective and actual purchasers of the Refunding Bonds of the
Official Statement and Preliminary Official Statement, in the
name of the City, describing the City and the Hospital and the
Refunding Bonds and setting forth such other information as may
be determined to be necessary or desirable. The Mayor, of and
on behalf of the City, is authorized to execute such Official
Statement. The Preliminary Official Statement, in the form
heretofore presented, is hereby approved.
Section 5. That the Mayor and City Clerk, for and on
behalf of the City, are hereby authorized and directed to do any
and all things necessary to effect the execution and delivery of
the Indenture, the issuance, execution, sale and delivery of the
Refunding Bonds, the execution and deli very of the Purchase
Agreement, the execution, delivery and distribution of an
Official Statement and the performance of all acts of whatever
nature necessary, to effect and carry out the authority
conferred by thi s Ordnance. The Mayor and the Ci ty Clerk are
hereby further authorized and directed, for and on behalf of the
City, to execute all papers, documents, certificates and other
instruments that may be required for the carrying out of such
authori ty or to evidence the exercise thereof.
Section 6. That, pursuant to the provisions of the
act, competi ti ve bidding is hereby waived.
Section 7. That the law firm of Friday, Eldredge &
Clarki Little Rock, Arkansas, is hereby appointed Bond Counsel
to the City.
Section 8. That the City shall maintain, as a part of
the minutes of the meeting at which this Ordinance is adopted,
for inspection by any interest person, a copy of the Indenture,
the Purchase Agreement and the Preliminary Official Statement.
2
0(1
Section 9. It has been determined that the issuance
of the refunding bonds will result in substantial interest
savings, beginning on the date of issuance of the Refunding
Bonds. Therefore, an emergency is declared to exist and this
Ordinance, being necessary for the public peace, heal th and
safety I shall be in force upon i ts passage and approval.
ADOPTED: November 28, 1989.
ATTEST:
/~ ~
\ i'
I'. ",/
C~,~~-~' .
ch.y- Clerk
-,)
AP~
By lu~~~~
May1r
( SEP:.L)
3